06:22 AM EDT, 05/02/2025 (MT Newswires) -- Commerzbank in its "European Sunrise" note of Friday highlighted:

Markets: United States Treasuries with small losses in Asia following Thursday's post-ISM sell-off. E-minis recover from tech earnings drop in Asia, local equities up, China closed. EUR/USD back above 1.13, oil and gold with gains.

U.S.: Secretary of State Marco Rubio replaces Mike Waltz as (interim) national security advisor. Waltz nominated as next U.S. ambassador to the United Nations. President Donald Trump will propose a national security budget increase of 13% to $1.01 trillion, aroun3.2% of gross domestic product, while slashing non-defense related spending by $163 billion.

Autos: White House posts proclamation detailing U.S. tariff offsets for autos and parts.

Oil: Trump wants to impose secondary sanctions on nations or companies buying Iranian oil.

Trade: China is exploring possibility of trade talks with U.S. Japan aims to achieve agreement with the U.S in June, finance minister calls UST holdings a negotiation card. Vice President JD Vance says India will be among first deals. Trump says Tresaury Secretary Scott Bessent is negotiating with "200 countries."

Ukraine: The Trump Administration regards the resource deal with Ukraine as model for international agreements.

==EUROPE:

EU: European Trade Commissioner Maros tells FT if the U.S. include services in trade deficit considerations, the remaining 50 billion eurosproblem could be solved "very quickly" via higher purchases of liquefie natural gas and agricultural goods.